Full rehab of the home to include new primary and secondary bathrooms, installation of new island and coffee nook with granite countertops, new water resistant LVP floors throughout, new paint, crown moulding in living room & kitchen, new electric water heater, and conversion of coat closet to mud room.

@Alana Reynolds, mine are on the barrier island, minutes from the beach. 

Phi Phi Island in Thailand6.

Kitchen island has minimal dining space as it lacks any overhang and most of it is taken up by the cook top3.

Has anyone had experience with Shore Funding (shorefundingsolutions.com) out of Long Island?

You will have to go to the island or make friends with people on the island to get leads.

Some parts of NJ could work, Hudson Valley, maybe Long Island. 

Any thoughts on how you'd split profit in the case where the is land used as collateral without co-signing (if that's even possible with lenders)? 

Assuming you aren't doing this full time from your yacht sitting off of the US Virgin Islands you will be busy during the day living your actual life. 

The kitchen offers sleek stainless steel appliances, a spacious kitchen island complete with seating, a large pantry, and an adjacent dining area that provides plenty of space for entertaining.